-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
      name:  <unnamed>
       log:  C:\Users\knm4642\Dropbox\Nha Meo Heo Beo\_JMP\WORKING FOLDER\Table A21_Bilateral trust quality-weighted patents.log
  log type:  text
 opened on:  18 Feb 2026, 23:59:24

. 
. //PREPARE DATA
. * set globals
. global firm = "firmage firmage2"

. global ceo = "age age2 yrinco"

. global bitrustFEs = "ceoid eubmcode boardid#year"

. global bitrustsample = "eubmcode != 33 & haspat & year < 2012 & !nonUS" //eubmcode 33 = US

. global cluster = "etheubmcode"

. 
. 
. //PREPARE TABLE
. foreach panel in "A" "B" {
  2.         * PANEL A: Non-US-based inventor bilateral trust sample
.         if "`panel'" == "A" {
  3.                 use "Bilateral trust sample_nonUS.dta", clear
  4.         }
  5.         * PANEL B: All inventor bilateral trust sample
.         if "`panel'" == "B" {
  6.                 use "Bilateral trust sample_all.dta", clear
  7.         }
  8.         * construct additional variables
.         forval i = 1/4 {
  9.                 gen ash_f1allpatxc_citff_q`i' = asinh(f1allpatxc_citff_q`i') 
 10.         }
 11.         gen ash_f1avgcitff = asinh(f1allpatxc_citff/f1allpatxc)
 12.         replace ash_f1avgcitff = 0 if f1allpatxc == 0
 13.         * set sample
.         qui reghdfe ash_f1allpatxc bitrust_sd logat logsale ${firm} ${ceo} if ${bitrustsample}, ///
>                 a(boardid eubmcode ceoid year) keepsin
 14.         gen bitrustsample = e(sample)
 15.         
.         eststo clear
 16.         eststo col1: /// bottom-quartile-citation patents
>                 reghdfe ash_f1allpatxc_citff_q1 bitrust_sd if bitrustsample, ///
>                 a(${bitrustFEs}) cluster(${cluster}) keepsin
 17.                         estadd local FE_CEO     "X"
 18.                         estadd local FE_IC      "X"
 19.                         estadd local FE_FxY     "X"
 20.                         distinct brdeubmcode if e(sample)
 21.                         estadd scalar nofirmxcntrys = r(ndistinct)
 22.                         distinct boardid if e(sample)
 23.                         eststo col1, add(nofirms r(ndistinct))
 24.         eststo col2: /// 2nd-quartile-citation patents
>                 reghdfe ash_f1allpatxc_citff_q2 bitrust_sd if bitrustsample, ///
>                 a(${bitrustFEs}) cluster(${cluster}) keepsin
 25.                         estadd local FE_CEO     "X"
 26.                         estadd local FE_IC      "X"
 27.                         estadd local FE_FxY     "X"
 28.                         distinct brdeubmcode if e(sample)
 29.                         estadd scalar nofirmxcntrys = r(ndistinct)
 30.                         distinct boardid if e(sample)
 31.                         eststo col2, add(nofirms r(ndistinct))
 32.         eststo col3: /// 3rd-quartile-citation patents
>                 reghdfe ash_f1allpatxc_citff_q3 bitrust_sd if bitrustsample, ///
>                 a(${bitrustFEs}) cluster(${cluster}) keepsin
 33.                         estadd local FE_CEO     "X"
 34.                         estadd local FE_IC      "X"
 35.                         estadd local FE_FxY     "X"
 36.                         distinct brdeubmcode if e(sample)
 37.                         estadd scalar nofirmxcntrys = r(ndistinct)
 38.                         distinct boardid if e(sample)
 39.                         eststo col3, add(nofirms r(ndistinct))
 40.         eststo col4: /// top-quartile-citation patents
>                 reghdfe ash_f1allpatxc_citff_q4 bitrust_sd if bitrustsample, ///
>                 a(${bitrustFEs}) cluster(${cluster}) keepsin
 41.                         estadd local FE_CEO     "X"
 42.                         estadd local FE_IC      "X"
 43.                         estadd local FE_FxY     "X"
 44.                         distinct brdeubmcode if e(sample)
 45.                         estadd scalar nofirmxcntrys = r(ndistinct)
 46.                         distinct boardid if e(sample)
 47.                         eststo col4, add(nofirms r(ndistinct))
 48.         eststo col5: /// backward NPL citation-weighted
>                 reghdfe ash_f1allpatxc_npl bitrust_sd if bitrustsample, ///
>                 a(${bitrustFEs}) cluster(${cluster}) keepsin
 49.                         estadd local FE_CEO     "X"
 50.                         estadd local FE_IC      "X"
 51.                         estadd local FE_FxY     "X"
 52.                         distinct brdeubmcode if e(sample)
 53.                         estadd scalar nofirmxcntrys = r(ndistinct)
 54.                         distinct boardid if e(sample)
 55.                         eststo col5, add(nofirms r(ndistinct))
 56.         eststo col6: /// technological scope-weighted
>                 reghdfe ash_f1allpatxc_sco bitrust_sd if bitrustsample, ///
>                 a(${bitrustFEs}) cluster(${cluster}) keepsin 
 57.                         estadd local FE_CEO     "X"
 58.                         estadd local FE_IC      "X"
 59.                         estadd local FE_FxY     "X"
 60.                         distinct brdeubmcode if e(sample)
 61.                         estadd scalar nofirmxcntrys = r(ndistinct)
 62.                         distinct boardid if e(sample)
 63.                         eststo col6, add(nofirms r(ndistinct))
 64.         eststo col7: /// granted USPTO patents
>                 reghdfe ash_f1uspatxc_granted bitrust_sd if bitrustsample, ///
>                 a(${bitrustFEs}) cluster(${cluster}) keepsin
 65.                         estadd local FE_CEO     "X"
 66.                         estadd local FE_IC      "X"
 67.                         estadd local FE_FxY     "X"
 68.                         distinct brdeubmcode if e(sample)
 69.                         estadd scalar nofirmxcntrys = r(ndistinct)
 70.                         distinct boardid if e(sample)
 71.                         eststo col7, add(nofirms r(ndistinct))
 72.         eststo col8: /// average forward citations
>                 reghdfe ash_f1avgcitff bitrust_sd if bitrustsample, ///
>                 a(${bitrustFEs}) cluster(${cluster}) keepsin
 73.                         estadd local FE_CEO     "X"
 74.                         estadd local FE_IC      "X"
 75.                         estadd local FE_FxY     "X"
 76.                         distinct brdeubmcode if e(sample)
 77.                         estadd scalar nofirmxcntrys = r(ndistinct)
 78.                         distinct boardid if e(sample)
 79.                         eststo col8, add(nofirms r(ndistinct))
 80.         
.         label var ash_f1allpatxc_citff_q1   "Bottom quartile"
 81.         label var ash_f1allpatxc_citff_q2   "Second quartile"
 82.         label var ash_f1allpatxc_citff_q3   "Third quartile"
 83.         label var ash_f1allpatxc_citff_q4   "Top quartile"
 84.         label var ash_f1allpatxc_npl        "Backward NPL cites"
 85.         label var ash_f1allpatxc_sco        "Tech scope"
 86.         label var ash_f1uspatxc_granted     "Granted USPTO"
 87.         label var ash_f1avgcitff            "Average cites"
 88.         esttab /*using "Table A21_Bilateral trust quality-weighted patents_Panel `panel'.tex"*/, ///
>                 cells(b(star fmt(3)) se(par fmt(3))) starlevels(* 0.1 ** 0.05 *** 0.01) ///
>                 collabels(none) label varwidth(27) modelwidth(12) ///
>                 mgroups("arsinh(Future quality-weighted patents)", pattern(1 0 0 0 0 0 0) ///
>                         prefix(\multicolumn{@span}{c}{) suffix(}) span) ///
>                 keep(bitrust_sd) coefla(bitrust_sd "CEO's bilateral trust") ///
>                 stats(FE_CEO FE_IC FE_FxY  N nofirmxcntrys nofirms, fmt(%9.0fc %9.0fc %9.0fc) ///
>                         lab("CEO FEs" "Inventor country FEs" "Firm $\times$ Year FEs" ///
>                                 "Observations" "Firm $\times$ Inv country's" "Firms"))
 89. }
(108,664 missing values generated)
(108,664 missing values generated)
(108,664 missing values generated)
(108,664 missing values generated)
(1,716,161 missing values generated)
(1,716,161 real changes made)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 28 iterations)

HDFE Linear regression                            Number of obs   =     23,284
Absorbing 3 HDFE groups                           F(   1,    256) =       1.83
Statistics robust to heteroskedasticity           Prob > F        =     0.1769
                                                  R-squared       =     0.2749
                                                  Adj R-squared   =     0.0826
                                                  Within R-sq.    =     0.0004
Number of clusters (etheubmcode) =        257     Root MSE        =     0.4193

                          (Std. err. adjusted for 257 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~1 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0167576   .0123741     1.35   0.177    -.0076104    .0411255
       _cons |  -.0273731    .101302    -0.27   0.787    -.2268644    .1721183
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       960           0         960     |
       eubmcode |        27           1          26     |
   boardid#year |      4672         778        3894    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      23284       3481

added scalar:
      e(nofirmxcntrys) =  3481

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      23284        730
(e(nofirms) = 730 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 28 iterations)

HDFE Linear regression                            Number of obs   =     23,284
Absorbing 3 HDFE groups                           F(   1,    256) =       1.53
Statistics robust to heteroskedasticity           Prob > F        =     0.2179
                                                  R-squared       =     0.2567
                                                  Adj R-squared   =     0.0596
                                                  Within R-sq.    =     0.0004
Number of clusters (etheubmcode) =        257     Root MSE        =     0.3623

                          (Std. err. adjusted for 257 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0142086   .0115026     1.24   0.218    -.0084431    .0368603
       _cons |  -.0317976   .0935934    -0.34   0.734    -.2161087    .1525135
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       960           0         960     |
       eubmcode |        27           1          26     |
   boardid#year |      4672         778        3894    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      23284       3481

added scalar:
      e(nofirmxcntrys) =  3481

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      23284        730
(e(nofirms) = 730 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 28 iterations)

HDFE Linear regression                            Number of obs   =     23,284
Absorbing 3 HDFE groups                           F(   1,    256) =       1.22
Statistics robust to heteroskedasticity           Prob > F        =     0.2705
                                                  R-squared       =     0.2999
                                                  Adj R-squared   =     0.1143
                                                  Within R-sq.    =     0.0003
Number of clusters (etheubmcode) =        257     Root MSE        =     0.4840

                          (Std. err. adjusted for 257 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~3 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0172908   .0156564     1.10   0.270    -.0135411    .0481226
       _cons |   .0121616   .1284338     0.09   0.925    -.2407598     .265083
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       960           0         960     |
       eubmcode |        27           1          26     |
   boardid#year |      4672         778        3894    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      23284       3481

added scalar:
      e(nofirmxcntrys) =  3481

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      23284        730
(e(nofirms) = 730 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 31 iterations)

HDFE Linear regression                            Number of obs   =     23,284
Absorbing 3 HDFE groups                           F(   1,    256) =       2.66
Statistics robust to heteroskedasticity           Prob > F        =     0.1040
                                                  R-squared       =     0.3522
                                                  Adj R-squared   =     0.1804
                                                  Within R-sq.    =     0.0005
Number of clusters (etheubmcode) =        257     Root MSE        =     0.5855

                          (Std. err. adjusted for 257 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~4 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0271666   .0166507     1.63   0.104    -.0056231    .0599563
       _cons |    .032806   .1370299     0.24   0.811    -.2370434    .3026554
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       960           0         960     |
       eubmcode |        27           1          26     |
   boardid#year |      4672         778        3894    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      23284       3481

added scalar:
      e(nofirmxcntrys) =  3481

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      23284        730
(e(nofirms) = 730 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 29 iterations)

HDFE Linear regression                            Number of obs   =     23,284
Absorbing 3 HDFE groups                           F(   1,    256) =       2.73
Statistics robust to heteroskedasticity           Prob > F        =     0.0998
                                                  R-squared       =     0.3763
                                                  Adj R-squared   =     0.2110
                                                  Within R-sq.    =     0.0004
Number of clusters (etheubmcode) =        257     Root MSE        =     1.2185

                          (Std. err. adjusted for 257 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~l | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0528657   .0320072     1.65   0.100    -.0101652    .1158967
       _cons |   .1610001    .261515     0.62   0.539    -.3539945    .6759947
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       960           0         960     |
       eubmcode |        27           1          26     |
   boardid#year |      4672         778        3894    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      23284       3481

added scalar:
      e(nofirmxcntrys) =  3481

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      23284        730
(e(nofirms) = 730 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 30 iterations)

HDFE Linear regression                            Number of obs   =     23,284
Absorbing 3 HDFE groups                           F(   1,    256) =       8.38
Statistics robust to heteroskedasticity           Prob > F        =     0.0041
                                                  R-squared       =     0.3909
                                                  Adj R-squared   =     0.2294
                                                  Within R-sq.    =     0.0014
Number of clusters (etheubmcode) =        257     Root MSE        =     1.3051

                          (Std. err. adjusted for 257 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~o | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0996625    .034431     2.89   0.004     .0318584    .1674667
       _cons |   .0126573   .2807962     0.05   0.964    -.5403073    .5656219
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       960           0         960     |
       eubmcode |        27           1          26     |
   boardid#year |      4672         778        3894    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      23284       3481

added scalar:
      e(nofirmxcntrys) =  3481

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      23284        730
(e(nofirms) = 730 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 29 iterations)

HDFE Linear regression                            Number of obs   =     23,284
Absorbing 3 HDFE groups                           F(   1,    256) =       3.60
Statistics robust to heteroskedasticity           Prob > F        =     0.0588
                                                  R-squared       =     0.3816
                                                  Adj R-squared   =     0.2176
                                                  Within R-sq.    =     0.0007
Number of clusters (etheubmcode) =        257     Root MSE        =     0.6837

                          (Std. err. adjusted for 257 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1uspa~d | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0381908   .0201202     1.90   0.059    -.0014314    .0778129
       _cons |    .025614   .1650823     0.16   0.877    -.2994783    .3507063
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       960           0         960     |
       eubmcode |        27           1          26     |
   boardid#year |      4672         778        3894    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      23284       3481

added scalar:
      e(nofirmxcntrys) =  3481

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      23284        730
(e(nofirms) = 730 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 32 iterations)

HDFE Linear regression                            Number of obs   =     23,284
Absorbing 3 HDFE groups                           F(   1,    256) =       6.60
Statistics robust to heteroskedasticity           Prob > F        =     0.0108
                                                  R-squared       =     0.3656
                                                  Adj R-squared   =     0.1974
                                                  Within R-sq.    =     0.0007
Number of clusters (etheubmcode) =        257     Root MSE        =     1.1757

                          (Std. err. adjusted for 257 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1avgc~f | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0634742   .0247146     2.57   0.011     .0148044     .112144
       _cons |    .234507   .2021574     1.16   0.247    -.1635962    .6326102
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       960           0         960     |
       eubmcode |        27           1          26     |
   boardid#year |      4672         778        3894    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      23284       3481

added scalar:
      e(nofirmxcntrys) =  3481

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      23284        730
(e(nofirms) = 730 added)

-----------------------------------------------------------------------------------------------------------------------------------------------------------
                            \multicolumn{8}{c}{arsinh(Future quality-weighted patents)}                                                                    
                                     (1)             (2)             (3)             (4)             (5)             (6)             (7)             (8)   
                            Bottom qua~e    Second qua~e    Third quar~e    Top quartile    Backward N~s      Tech scope    Granted US~O    Average ci~s   
-----------------------------------------------------------------------------------------------------------------------------------------------------------
CEO's bilateral trust              0.017           0.014           0.017           0.027           0.053*          0.100***        0.038*          0.063** 
                                 (0.012)         (0.012)         (0.016)         (0.017)         (0.032)         (0.034)         (0.020)         (0.025)   
-----------------------------------------------------------------------------------------------------------------------------------------------------------
CEO FEs                                X               X               X               X               X               X               X               X   
Inventor country FEs                   X               X               X               X               X               X               X               X   
Firm $\times$ Year FEs                 X               X               X               X               X               X               X               X   
Observations                      23,284          23,284          23,284          23,284          23,284          23,284          23,284          23,284   
Firm $\times$ Inv country's        3,481           3,481           3,481           3,481           3,481           3,481           3,481           3,481   
Firms                                730             730             730             730             730             730             730             730   
-----------------------------------------------------------------------------------------------------------------------------------------------------------
(1,259,190 missing values generated)
(1,259,190 real changes made)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 30 iterations)

HDFE Linear regression                            Number of obs   =     56,942
Absorbing 3 HDFE groups                           F(   1,    303) =       0.51
Statistics robust to heteroskedasticity           Prob > F        =     0.4741
                                                  R-squared       =     0.4877
                                                  Adj R-squared   =     0.3989
                                                  Within R-sq.    =     0.0000
Number of clusters (etheubmcode) =        304     Root MSE        =     0.3952

                          (Std. err. adjusted for 304 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~1 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0044915   .0062671     0.72   0.474     -.007841     .016824
       _cons |   .1384896   .0515314     2.69   0.008     .0370848    .2398944
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1654           0        1654     |
       eubmcode |        27           1          26     |
   boardid#year |      8065        1330        6735    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      56942       8554

added scalar:
      e(nofirmxcntrys) =  8554

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      56942       1263
(e(nofirms) = 1263 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 31 iterations)

HDFE Linear regression                            Number of obs   =     56,942
Absorbing 3 HDFE groups                           F(   1,    303) =       1.04
Statistics robust to heteroskedasticity           Prob > F        =     0.3084
                                                  R-squared       =     0.4781
                                                  Adj R-squared   =     0.3876
                                                  Within R-sq.    =     0.0001
Number of clusters (etheubmcode) =        304     Root MSE        =     0.3576

                          (Std. err. adjusted for 304 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0055491   .0054389     1.02   0.308    -.0051537    .0162518
       _cons |   .0944252   .0444215     2.13   0.034     .0070114     .181839
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1654           0        1654     |
       eubmcode |        27           1          26     |
   boardid#year |      8065        1330        6735    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      56942       8554

added scalar:
      e(nofirmxcntrys) =  8554

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      56942       1263
(e(nofirms) = 1263 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 30 iterations)

HDFE Linear regression                            Number of obs   =     56,942
Absorbing 3 HDFE groups                           F(   1,    303) =       1.13
Statistics robust to heteroskedasticity           Prob > F        =     0.2880
                                                  R-squared       =     0.5583
                                                  Adj R-squared   =     0.4817
                                                  Within R-sq.    =     0.0001
Number of clusters (etheubmcode) =        304     Root MSE        =     0.4604

                          (Std. err. adjusted for 304 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~3 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0077279   .0072603     1.06   0.288    -.0065592     .022015
       _cons |   .1979362   .0596435     3.32   0.001     .0805684    .3153041
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1654           0        1654     |
       eubmcode |        27           1          26     |
   boardid#year |      8065        1330        6735    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      56942       8554

added scalar:
      e(nofirmxcntrys) =  8554

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      56942       1263
(e(nofirms) = 1263 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 30 iterations)

HDFE Linear regression                            Number of obs   =     56,942
Absorbing 3 HDFE groups                           F(   1,    303) =       6.97
Statistics robust to heteroskedasticity           Prob > F        =     0.0087
                                                  R-squared       =     0.6199
                                                  Adj R-squared   =     0.5540
                                                  Within R-sq.    =     0.0005
Number of clusters (etheubmcode) =        304     Root MSE        =     0.5640

                          (Std. err. adjusted for 304 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~4 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0241615   .0091508     2.64   0.009     .0061544    .0421687
       _cons |   .2717648   .0740521     3.67   0.000     .1260432    .4174864
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1654           0        1654     |
       eubmcode |        27           1          26     |
   boardid#year |      8065        1330        6735    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      56942       8554

added scalar:
      e(nofirmxcntrys) =  8554

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      56942       1263
(e(nofirms) = 1263 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 31 iterations)

HDFE Linear regression                            Number of obs   =     56,942
Absorbing 3 HDFE groups                           F(   1,    303) =       8.21
Statistics robust to heteroskedasticity           Prob > F        =     0.0044
                                                  R-squared       =     0.6282
                                                  Adj R-squared   =     0.5638
                                                  Within R-sq.    =     0.0005
Number of clusters (etheubmcode) =        304     Root MSE        =     1.1305

                          (Std. err. adjusted for 304 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~l | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0458584   .0160007     2.87   0.004     .0143719     .077345
       _cons |   .7109483   .1292767     5.50   0.000     .4565546     .965342
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1654           0        1654     |
       eubmcode |        27           1          26     |
   boardid#year |      8065        1330        6735    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      56942       8554

added scalar:
      e(nofirmxcntrys) =  8554

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      56942       1263
(e(nofirms) = 1263 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 31 iterations)

HDFE Linear regression                            Number of obs   =     56,942
Absorbing 3 HDFE groups                           F(   1,    303) =       9.69
Statistics robust to heteroskedasticity           Prob > F        =     0.0020
                                                  R-squared       =     0.6533
                                                  Adj R-squared   =     0.5932
                                                  Within R-sq.    =     0.0007
Number of clusters (etheubmcode) =        304     Root MSE        =     1.0403

                          (Std. err. adjusted for 304 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~o | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0505666   .0162471     3.11   0.002     .0185951    .0825381
       _cons |   .9134898   .1323187     6.90   0.000     .6531098     1.17387
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1654           0        1654     |
       eubmcode |        27           1          26     |
   boardid#year |      8065        1330        6735    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      56942       8554

added scalar:
      e(nofirmxcntrys) =  8554

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      56942       1263
(e(nofirms) = 1263 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 31 iterations)

HDFE Linear regression                            Number of obs   =     56,942
Absorbing 3 HDFE groups                           F(   1,    303) =       6.47
Statistics robust to heteroskedasticity           Prob > F        =     0.0114
                                                  R-squared       =     0.6573
                                                  Adj R-squared   =     0.5979
                                                  Within R-sq.    =     0.0005
Number of clusters (etheubmcode) =        304     Root MSE        =     0.6327

                          (Std. err. adjusted for 304 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1uspa~d | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0268717   .0105613     2.54   0.011      .006089    .0476544
       _cons |   .4074581   .0856718     4.76   0.000     .2388711    .5760451
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1654           0        1654     |
       eubmcode |        27           1          26     |
   boardid#year |      8065        1330        6735    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      56942       8554

added scalar:
      e(nofirmxcntrys) =  8554

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      56942       1263
(e(nofirms) = 1263 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 32 iterations)

HDFE Linear regression                            Number of obs   =     56,942
Absorbing 3 HDFE groups                           F(   1,    303) =       8.14
Statistics robust to heteroskedasticity           Prob > F        =     0.0046
                                                  R-squared       =     0.5785
                                                  Adj R-squared   =     0.5055
                                                  Within R-sq.    =     0.0002
Number of clusters (etheubmcode) =        304     Root MSE        =     1.0895

                          (Std. err. adjusted for 304 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1avgc~f | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0317293   .0111231     2.85   0.005     .0098409    .0536177
       _cons |   1.313067   .0915485    14.34   0.000     1.132916    1.493219
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1654           0        1654     |
       eubmcode |        27           1          26     |
   boardid#year |      8065        1330        6735    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      56942       8554

added scalar:
      e(nofirmxcntrys) =  8554

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      56942       1263
(e(nofirms) = 1263 added)

-----------------------------------------------------------------------------------------------------------------------------------------------------------
                            \multicolumn{8}{c}{arsinh(Future quality-weighted patents)}                                                                    
                                     (1)             (2)             (3)             (4)             (5)             (6)             (7)             (8)   
                            Bottom qua~e    Second qua~e    Third quar~e    Top quartile    Backward N~s      Tech scope    Granted US~O    Average ci~s   
-----------------------------------------------------------------------------------------------------------------------------------------------------------
CEO's bilateral trust              0.004           0.006           0.008           0.024***        0.046***        0.051***        0.027**         0.032***
                                 (0.006)         (0.005)         (0.007)         (0.009)         (0.016)         (0.016)         (0.011)         (0.011)   
-----------------------------------------------------------------------------------------------------------------------------------------------------------
CEO FEs                                X               X               X               X               X               X               X               X   
Inventor country FEs                   X               X               X               X               X               X               X               X   
Firm $\times$ Year FEs                 X               X               X               X               X               X               X               X   
Observations                      56,942          56,942          56,942          56,942          56,942          56,942          56,942          56,942   
Firm $\times$ Inv country's        8,554           8,554           8,554           8,554           8,554           8,554           8,554           8,554   
Firms                              1,263           1,263           1,263           1,263           1,263           1,263           1,263           1,263   
-----------------------------------------------------------------------------------------------------------------------------------------------------------

. 
. cap log close
